All Forum Posts by: Bill Wagers

Excellent idea thank you

Here's what I am considering brother passed away about 9 months ago I am his executor.i have sold all of his property except a bar be owns outright. It is currently closed. I have someone who wants to do a land contract sell price 500k 70 k non refundable down 2 year balloon 3500 month payment. 2000 principle 1500 interest 4% percent. I'm considering it since I haven't gotten a sale yet problem is he has two heirs one is a minor. I know the interest they get is taxable I would probably have to set up a LLC with them being equal partners. Basically I'm going to have to run the LLC side of thing just not sure how to go about it

Ok so I sold a property for 1,050,000 cost basis was 175 exchanged for another property for 860k. I was thinking my capital gain would only be 15k. Accountant says I will owe tax on the whole 190k I got back. Man I hope he's wrong that was a costly mistake if not. I was thinking my cost basis 175k would come off the 190k I got back